On August 30, 2012, Gold Standard Ventures Corp.'s (NYSE:GSV) micro cap stock jumped after the company provided an update on the leases it has entered into with a number of landowners across Nevada, which are found nearby the company's major Railroad gold project in Elko County.
The company has obtained the rights to explore, mine and develop a large swath of land that will eventually become the "South Railroad Project," which includes Nevada's Pinon District – an area that has long been sought for mineral exploration.
Dave Mathewson, Gold Standard's vice president of exploration, said the geology and mineralization of the newly acquired lands is very promising.
"Almost all the mineralized material is oxidized. The alteration and character of the gold mineralization is similar to the Emigrant sediment-hosted gold deposit that Newmont is currently putting into production," he said. "In our view, there is potential to expand the known mineralization."
With the new deposit, Gold Standard now has about 19,764 net mineral acres to use for its new project.
As of 11:41 a.m. on August 30, the company's shares were up 13 percent to $1.65.